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Nostra Terra Oil & Gas Co PLC - AIM-listed company focused on the Permian Basin in West Texas - Completes logging at Cypress farm-out well at Pine Mills oil field. Well cased and cemented, will be perforated and completed. Formation tops validate 3D seismic data with principal target encountered 17 feet higher than expected depth. Logs indicate around 20 feet of clean Woodbine Sand, structurally elevated from offset well.
CEO Matt Lofgran: "We're very happy with the results of the well so far and look forward to the results of the perforation work. This well and any potential offset locations, are not currently in our senior lending facility. Nostra Terra has the choice to add it to the facility which would also benefit the company with access to low interest rate, non-dilutive financing for growth."
Current stock price: 0.36 pence; down 6.1% on Tuesday
Year-to-date change: down 66%
By Anna Farley; annafarley@alliancenews.com
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